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Motilal Oswal Report
Bharat Forge Ltd.’s Q4 FY24 standalone performance was in line with our estimates. Management sounded quite positive about demand in FY25, led by the scaling up of defense orders, stable US Class 8 orders, and turnarounds in overseas subsidiaries.
While the earnings outlook is positive, it seems fully priced in at valuations of 36 times /29 times FY25E/FY26E, after the recent sharp run up in the stock. We hence downgrade the stock to Neutral with a target price of Rs 1,370 (based on 28 times March-26E consolidated earnings per share).
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